Crypto Garage Starts the Full Version of its Settlenet’s Commercial Service

News • 2020/06/09 • by Remitano

The high profile blockchain-based company in Japan called Crypto Garage has decided to move forward with its Settlenet system. It was claimed that the Settlenet system from Crypto Garage had been tested for about one year. They tested it with strict guidelines from the Japanese regulatory body.

And now, due to the successful tests, Crypto Garage has decided to start the full version of their Settlenet’s commercial service. For your information, Settlenet is a platform where you can make OTC trades for various entities, including crypto exchanges, brokers, and even the trading managers. Crypto Garage successfully received its approval from the Japanese regulatory body (the FSA) back in 2019.

The idea is to use the Settlenet for ongoing settlements of JPY (Japanese Yen) and tokenized assets on the blockchain. The way to do it is to organize the trades between JPY-based stablecoins and exchange them directly and instantly with L-BTC. L-BTC itself is Liquid Bitcoin, which is the Bitcoin version inside the Liquid Network that utilizes the atomic swap mechanism. By using this solution, Settlenet is able to complete transactions in as little as 2 minutes.

Keep in mind that Liquid Network itself is developed by Blockstream, the popular blockchain technology in Canada, which has had a huge influence over Bitcoin development in recent years.